Obama: I’m in over my head
By Don Surber
February 15, 2012
Unable to blame George Walker Bush for the mess President Obama made of the economy by running up the deficit by $5 trillion ($5,000,000,000,000.00) President Obama now is admitting he was in way over his head when he was elected in 2008. Instead of learning from President Bush’s failed stimulus of $150 billion in 2008, President Obama went with a stimulus 5 times as large.
It failed in 2009 and in 2010. In fact, the economy was adding jobs just as this stimulus kicked in and slowed the growth.
His $150 billion stimulus (payroll tax cut) of 2011 failed.
And this year’s $260 billion stimulus (payroll tax cut again) will fail.
Via Real Clear Politics, the excuse from President Obama for not cutting the budget deficit in half as promised (instead he tripled it):
“Well we’re not there because this recession turned out to be a lot deeper than any of us realized. Everybody who is out there back in 2009, if you look back what their estimates were in terms of how many jobs had been lost, how bad the economy had contracted when I took office everybody had underestimated it. People thought that the economy contracted 3%, it turns it was close to 9%. We lost 8 million jobs just in a year’s span, about half a year before I took office and about a half a year after I took office. So, the die had been cast and a lot of us didn’t understand how bad it was going to get. That increases the deficit because less tax revenues come in and it means more people are getting unemployment insurance, we’re helping states more so they don’t teachers, etc. The key though is that we’re setting ourselves on a path so that we can get our debt under control.”
In other words, he misdiagnosed the economy’s problem and fed it poisonous overspending and heavy borrowing when it needed time to heal itself.
What a dumb ass.
http://blogs.dailymail.com/donsurber/archives/51555
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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